Understand the usage in Banks & Financial services

Banks & Financial services

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e-KYC

Usually the user scans copies of his physical proofs and shares with the verifier. These can be misused by the verifier. Also, such physical documents are easy to tamper and forge with which makes them difficult for the verifier to verify.

Using the digital wallet, the user can prevent further sharing of his identity documents. Moreover, the verifier can get all the documents submitted by the user instantly using the blockchain which can substantially reduce the service delivery time

Problem

Solution

Mortgage application

Applying for mortgage loan is a long process, involving inspection, appraisal and title search. The applicant needs to provide multiple documents(eg. for debt to income ratio) throughout the application process, which are then verified step by step by the lender.

All processes requiring document verification can be simplified using SSI. The digital wallet can be used to store credentials shared by different entities throughout the application procedure. The lender saves time in verification of these documents and the application can be processed faster.

Title

Apply for credit card

Banks spend a lot of resources to verify and process identity and income proofs submitted by the customer. The process is not so convenient, neither for the customer nor for the bank.

With SSI, this process can be simplified to simply sharing credentials using the wallet and instantly checking their authenticity using the blockchain. Banks save time and the consumer experience is enhanced.

Onboard Clients

Client have to share multiple identity documents in order to create accounts with the company. In doing so, they often share extra information along with their identity cards. This process is also time-taking.

SSI makes this process much simpler and faster. Customers have the option to disclose minimum required information and the company has a easier time verifying shared credentials.

Does any of these use-cases sound intriguing to you?

Contact us and understand how can our products help you and your organization with any of these use-cases.